In order to strengthen its security system on ATM cash withdrawals, State Bank of India (SBI) has introduced OTP-based ATM withdrawals with effect from 1st January 2020. SBI's OTP-based ATM cash withdrawals is applicable for above ₹10,000 cash withdrawals. This service is functional at all SBI ATMs between 8 pm to 8 am. For this, SBI customers need to carry their mobile to the ATMs as the OTP will be received on the mobile number registered with the bank. So, if you are an SBI customer and have still not registered your mobile number with the bank, don't just keep waiting, do it now. Otherwise, you will not be able to withdraw more thatn ₹10,000 from your account. SBI has urged its customers to register or update their mobile numbers. "ATM cash withdrawals now made even safer, with the OTP-based authentication process from SBI, in effect from 1st January, 2020! Register your mobile number at the nearest SBI branch or ATM to benefit from this service," SBI tweeted.
A quick recap for our readers about SBI's OTP-based ATM cash withdrawal system
1) Customers at SBI ATMs, along with debit card PIN will also have to put OTP generated on their mobile numbers registered with the bank.
2) SBI OTP-based ATM cash withdrawal facility is applicable for withdrawing cash above ₹10,000.
3) This additional factor of authentication for ATM cash withdrawals will protect SBI debit card holders from the risk of skimming, card cloning.
4) However, this facility will not be applicable for cash withdrawals at non SBI ATMs.
As on 30 September 2019, SBI has a deposit base of over ₹30 lakh crore. The bank has the largest network of nearly 22,000 branches in India with an ATM network of over 58,500. The number of customers using internet banking facility are 66 million and mobile banking services stand more than 15 million. SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest.